Tayyab becomes the first-ever digital Islamic bank in Kazakhstan. It is a fully Shariah-compliant digital bank and it has already started serving its customers in the country of its origin.
The bank was officially launched during the Eid-ul-Adha holidays. It was established by the first Kazakhstan Islamic fintech Tayyab in partnership with Bank RBK, a conventional bank in the country, and the VISA payment system. One of Tayyab’s institutional investors is Dubai Fintech Ventures.
Some time ago, Kazakhstan had launched its first Islamic Finance Center in Astana.
The customer debit cards it issues are not used to generate interest income. Interest is not charged on them. International Shariah Board Shariyah Review Bureau (Saudi Arabia), as well as the Spiritual Administration of the Muslims of Kazakhstan, have reviewed the products and services offered by the bank and found them to be Shariah-compliant. The bank also has internal Shariah advisors.
Customers can get their debit cards issued to them almost instantly by installing the mobile application Tayyab from the Apple store or Play market. Instant transfers and contactless payments can be made immediately worldwide using Apple pay and Samsung pay wallets. If necessary, you can order a plastic VISA card with hand delivery. You can store money in four currencies – Kazakhstan KZT, USD, EUR, RUB, and you can withdraw cash at any ATM in the world.
Most of its customers are young, tech-savvy, and have smartphones to use their state-of-the-art app. These are between the ages of 25 and 45. Almost 60& of them are males while the remaining are females.
“In addition to the convenience of using financial functions in line with the latest world trends, we provide our users with a convenient service for practicing the Islamic way of life, for example, only in the tayyab application you can easily find the nearest mosque, prayer room or halal cafe. The application also has prayer times and Azan, Qibla compass, Zikr counter, Zakat calculator and much more” notes Daniyar Uspanov, Tayyab CEO.
Additional features of Tayyab first digital Islamic card are that it is not intended for payment in casinos, as well as in any gambling and lottery establishments, specialized stores selling alcohol and tobacco products, while the restriction does not apply to department stores selling groceries. The card is not intended to pay for goods and services in bars and nightclubs. But the restriction does not apply to restaurants and cafes.
Tayyab was officially released during Eid Al Adha towards the end of July, according to Ivan Kamenski, the start-up’s co-founder and chief business development officer.